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Land Board sets new record for endowments for
FY19 |
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August 17, 2017 |
The State Board of Land Commissioners approved
on Tuesday a 6.4-percent year-over-year increase
in the fiscal year (FY) 2019 payout from the
eight endowment funds that support Idaho's
public school system, universities and other
beneficiaries.
Idaho's public school system will receive
$50,325,600 in FY19, seven percent more than the
FY18 distribution.
Other endowment trusts provide long-term support
to higher education, state hospitals for the
mentally ill, state veterans homes, the Capitol
building, the Idaho School for the Deaf and
Blind, Idaho's juvenile corrections system and
Idaho's prison system.
The total FY19 distribution to all
beneficiaries, amounting to $78,206,400, sets a
new record.
The endowment fund that supports Idaho's prison
system saw the largest year-over-year increase
at 11.6 percent.
The money comes from economic activity on state
endowment trust lands - mostly from the sale of
timber - and earnings on investments.
The Endowment Fund Investment Board (EFIB)
manages the funds from the use of endowment
lands and recommended the distributions.
The Land Board also approved the EFIB
recommendation to transfer $129.5 million of
excess reserves to a permanent fund to offset
population growth and boost overall
distributions.
"The recommendations represent an appropriate
balance between the interests of current and
future beneficiaries," EFIB Manager of
Investments Larry Johnson said.
The Land Board provides direction to the Idaho
Department of Lands in its management of more
than 2.4 million acres of endowment trust lands
in Idaho and the EFIB in its management of $2.1
billion in trust funds generated from the use of
the lands.
The Land Board is comprised of the Governor,
Attorney General, Secretary of State, State
Controller and Superintendent of Public
Instruction. |
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